The largest tech IPO in Chinese history could be on the way

HONG KONG (Reuters) - Chinese Internet insurer Zhong An Online
Property and Casualty Insurance plans an up-to-$2 billion initial
public offering in mainland China in 2016, IFR reported on
Friday, citing people close to the deal.

At $2 billion, the deal would be the largest-ever
technology-related listing in mainland China and the biggest IPO
since brokerage Guotai Junan Securities Co raised $4.8 billion
last June, Thomson Reuters data showed.

Zhong An, China's first online-only insurer, has invited banks to
pitch for IPO roles, according to IFR, a Thomson Reuters
publication. The firm was founded in 2013 by Alibaba Group
Holding Ltd Executive Chairman Jack Ma, Tencent Holdings Ltd
Chairman Pony Ma and Ping An Insurance Group Co of China Ltd
Chairman Ma Mingzhe.

Zhong An joins a series of financial technology firms planning a
listing this year, according to IFR, including online lending
platform Lufax and Alibaba's Internet finance affiliate Ant
Financial Services Group.

A spokeswoman for Zhong An in Shanghai declined to comment on the
listing plan, previously reported by The Wall Street Journal.

Zhong An raised $931 million last year from a group of investors
including Morgan Stanley, China's top domestic investment bank
China International Capital Corp (CICC) and private equity firm
CDH Investments. The deal valued Zhong An at $8 billion.

(Reporting by Fiona Lau of IFR; Additional reporting by David Lin
in SHANGHAI; Writing by Elzio Barreto; Editing by Kenneth
Maxwell)

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